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CIT's Thain Travels Road to SIFI-Dom

By

John Carney

July 22, 2014 3:14 p.m. ET

Behold! The world's first intentionally created SIFI.

SIFI, of course, is the acronym for "systemically important financial institution," the regulatory designation for banks and other financial institutions that require extra measures of supervisory scrutiny.

Assuming the deal announced Tuesday to bring together CIT Group and...